The company’s revenue also increased by 2 percent to 2,768 million rupees compared to 2,701 million rupees a year earlier.

The group which has hotels in Maldives said cost of sales rose 4 percent to 910 million rupees and gross profits rose 2 percent to 1,857 million rupees.

Finance costs declined 34 percent to 45 million rupees from 68 million rupees, a year earlier.

Revenues in the Maldives branch rose to 1,441 million rupees in the quarter from 1,463 million rupees a year earlier giving 170 million rupees in profits, down from 223 million rupees.

In Sri Lankan segment, revenues rose to 1,351 million rupees up only 7 percent in the quarter from 1,260 million rupees a year earlier and it made a profit of 181 million rupees, up from 133 million rupees a year earlier.

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